RBI creates forex helpline for start-ups

The Reserve Bank of India (RBI) has created a dedicated online helpline for start-ups in India in order to offer guidance / assistance to them for undertaking cross-border transactions within the ambit of the regulatory framework.

While seeking guidance, the enterprises should provide complete information to the Reserve Bank and mention the specific issues on which they need guidance from the RBI in relation to the foreign exchange management regulations.

This would enable the personnel attending the helpline to offer timely and effective information.

Start-up enterprises usually undertake a wide range of cross-border transactions, including those related to investment. Such transactions of resident Indians are subject to the regulatory regime provided by the Foreign Exchange Management Act, 1999.